Coinbase cbBTC Token Now Live on Base and Ethereum - Coincu
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LIVE UPDATES • Coinbase cbBTC Token Now Live on Base and Ethereum • BlockDAG’s Next Deal, Notcoin’s Predictions & DOGS Insights • Utility Tokens vs. Meme Coins: How FXGuys Is Winning Investors Over Dogecoin And Dogwifhat • ARK 21Shares Bitcoin ETF Chooses Anchorage as New Custodian • Grayscale XRP Trust Is Now Launched for Accredited Investors • eToro Settles SEC Charges with $1.5 Million Penalty and Halts Crypto Trading! • Ethereum Founder’s Sells ETH! More on BDAG Testnet & XRP Token Unlock • 3DOS Launching Decentralized “Uber for 3D Printing” on Sui • The Tie Launches Polkadot Ecosystem Dashboard on The Tie Terminal • Unite and Aethir Team Up to Enhance Cloud Infrastructure for Web3 Mobile Game Developers
Key Points:
Coinbase has introduced cbBTC, a new wrapped Bitcoin token available on its layer-2 network Base and the Ethereum mainnet.
Coinbase cbBTC token allows Bitcoin to be used in DeFi applications to provide liquidity, borrow other cryptocurrencies, or engage in other activities.
Coinbase has announced that its new wrapped Bitcoin token, cbBTC, is live on its layer-2 network, Base, and on the Ethereum mainnet.
Coinbase cbBTC Token: New Wrapped Bitcoin Token for DeFi
The launch comes after a month in which a series of teasers popped up on social media channels belonging to Coinbase.
The Coinbase cbBTC token is an ERC-20 token that is fully backed 1:1 by Bitcoin (BTC), held in the custody of Coinbase. The new offering allows users to conveniently convert their BTC into cbBTC as they transfer between Coinbase and Ethereum or Base, and vice versa. The invention of cbBTC will help Bitcoin to be more functional within the DeFi ecosystem.
Wrapped Bitcoin exists on Ethereum and is equally backed 1:1 by Bitcoin. This concept aims to bridge Bitcoin’s liquidity with Ethereum’s programmable blockchain functionality for use in DeFi applications. The Coinbase cbBTC token will attempt a similar function but with the exchange’s infrastructure.
Unlike classic Bitcoin, Coinbase cbBTC token can be utilized across various DeFi platforms and open new means of leveraging Bitcoin holdings for users. With the cbBTC tokens, users will be able to supply liquidity to the DeFi protocols or provide their Bitcoin as collateral to borrow other cryptocurrencies. So far, the token is supported on major DeFi protocols like Aave, Compound Finance, Morpho, Spark, and Moonwell.
Coinbase Launches cbBTC Amid WBTC Controversies
Timing is important, as wrapped Bitcoin issued by BitGo has its set of challenges lately. The recent BitGo move to a new partnership with TRON founder Justin Sun has substantially generated controversy and took, at the same time, more interest in the wrapped Bitcoin space. There are those critics who feel that Sun’s involvement is contentious; hence, projects have been looking for alternative Bitcoin wrapper products.
Earlier this month, competitor 21.co, the parent company of 21Shares, also issued its wrapped Bitcoin product, 21BTC, to the Ethereum blockchain, one-upping much of the current competition on the market.
This new Coinbase cbBTC token hopes to seize the moment with a strong alternative offering for Bitcoin holders who wish to incorporate their assets into the DeFi ecosystem.
Author Harold
With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
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Key Points:
Coinbase has introduced cbBTC, a new wrapped Bitcoin token available on its layer-2 network Base and the Ethereum mainnet.
Coinbase cbBTC token allows Bitcoin to be used in DeFi applications to provide liquidity, borrow other cryptocurrencies, or engage in other activities.
Coinbase has announced that its new wrapped Bitcoin token, cbBTC, is live on its layer-2 network, Base, and on the Ethereum mainnet.
Coinbase cbBTC Token: New Wrapped Bitcoin Token for DeFi
The launch comes after a month in which a series of teasers popped up on social media channels belonging to Coinbase.
The Coinbase cbBTC token is an ERC-20 token that is fully backed 1:1 by Bitcoin (BTC), held in the custody of Coinbase. The new offering allows users to conveniently convert their BTC into cbBTC as they transfer between Coinbase and Ethereum or Base, and vice versa. The invention of cbBTC will help Bitcoin to be more functional within the DeFi ecosystem.
Wrapped Bitcoin exists on Ethereum and is equally backed 1:1 by Bitcoin. This concept aims to bridge Bitcoin’s liquidity with Ethereum’s programmable blockchain functionality for use in DeFi applications. The Coinbase cbBTC token will attempt a similar function but with the exchange’s infrastructure.
Unlike classic Bitcoin, Coinbase cbBTC token can be utilized across various DeFi platforms and open new means of leveraging Bitcoin holdings for users. With the cbBTC tokens, users will be able to supply liquidity to the DeFi protocols or provide their Bitcoin as collateral to borrow other cryptocurrencies. So far, the token is supported on major DeFi protocols like Aave, Compound Finance, Morpho, Spark, and Moonwell.
Coinbase Launches cbBTC Amid WBTC Controversies
Timing is important, as wrapped Bitcoin issued by BitGo has its set of challenges lately. The recent BitGo move to a new partnership with TRON founder Justin Sun has substantially generated controversy and took, at the same time, more interest in the wrapped Bitcoin space. There are those critics who feel that Sun’s involvement is contentious; hence, projects have been looking for alternative Bitcoin wrapper products.
Earlier this month, competitor 21.co, the parent company of 21Shares, also issued its wrapped Bitcoin product, 21BTC, to the Ethereum blockchain, one-upping much of the current competition on the market.
This new Coinbase cbBTC token hopes to seize the moment with a strong alternative offering for Bitcoin holders who wish to incorporate their assets into the DeFi ecosystem.
Visited 16 times, 16 visit(s) today
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Key Points:
Coinbase has introduced cbBTC, a new wrapped Bitcoin token available on its layer-2 network Base and the Ethereum mainnet.
Coinbase cbBTC token allows Bitcoin to be used in DeFi applications to provide liquidity, borrow other cryptocurrencies, or engage in other activities.
Coinbase has announced that its new wrapped Bitcoin token, cbBTC, is live on its layer-2 network, Base, and on the Ethereum mainnet.
Coinbase cbBTC Token: New Wrapped Bitcoin Token for DeFi
The launch comes after a month in which a series of teasers popped up on social media channels belonging to Coinbase.
The Coinbase cbBTC token is an ERC-20 token that is fully backed 1:1 by Bitcoin (BTC), held in the custody of Coinbase. The new offering allows users to conveniently convert their BTC into cbBTC as they transfer between Coinbase and Ethereum or Base, and vice versa. The invention of cbBTC will help Bitcoin to be more functional within the DeFi ecosystem.
Wrapped Bitcoin exists on Ethereum and is equally backed 1:1 by Bitcoin. This concept aims to bridge Bitcoin’s liquidity with Ethereum’s programmable blockchain functionality for use in DeFi applications. The Coinbase cbBTC token will attempt a similar function but with the exchange’s infrastructure.
Unlike classic Bitcoin, Coinbase cbBTC token can be utilized across various DeFi platforms and open new means of leveraging Bitcoin holdings for users. With the cbBTC tokens, users will be able to supply liquidity to the DeFi protocols or provide their Bitcoin as collateral to borrow other cryptocurrencies. So far, the token is supported on major DeFi protocols like Aave, Compound Finance, Morpho, Spark, and Moonwell.
Coinbase Launches cbBTC Amid WBTC Controversies
Timing is important, as wrapped Bitcoin issued by BitGo has its set of challenges lately. The recent BitGo move to a new partnership with TRON founder Justin Sun has substantially generated controversy and took, at the same time, more interest in the wrapped Bitcoin space. There are those critics who feel that Sun’s involvement is contentious; hence, projects have been looking for alternative Bitcoin wrapper products.
Earlier this month, competitor 21.co, the parent company of 21Shares, also issued its wrapped Bitcoin product, 21BTC, to the Ethereum blockchain, one-upping much of the current competition on the market.
This new Coinbase cbBTC token hopes to seize the moment with a strong alternative offering for Bitcoin holders who wish to incorporate their assets into the DeFi ecosystem.
Visited 16 times, 16 visit(s) today